WISH we could house hack, but with kids...SFH options?

[Andrea F.]

Newbie here, hope you all are well!

The husband and I have been reading, studying and listening on the BP community for around a year and are beyond grateful for this community and the wealth of knowledge.

Due to credit and income issues, we have lived in a 2BR apartment for years with our two daughters. I also have 2 precious stepchildren from hubby's previous relationship that don't live with us but stay over often. We have now gotten our finances, credit, and cash to the point of acquiring our first property in the next couple of months. We feel we are also to the point that the kids need a yard, and freedom to move about without disturbing neighbors under us, a pet (0 tolerance for pets here), more room for our other two staying over...we want our first investment property to be a single family home valued at $70-80K that we rehab, live in for at least a year and flip later. We have our eye on a few in our area.

With all the buzz (and obvious financial benefits) about the house hacking strategy, I WISH we could house hack our way into real estate investing. However, given our kids and situation, a single family home appears to be the most logical option. Are there any sort of "hybrid" house hack/live in flip options available if we purchase a SFH with FHA/VA etc.? For example I know there cannot be a "lease" on either of the rooms with these types of financing, but can we AirBNB them for longer terms with friends or family...LOL, I am trying to get creative!